Another day, another European Union bailout. This time Cyprus is the one lining up for a handout, Bloomberg reports. Officials today officially asked European authorities for access to the euro bailout fund, saying they were being hammered by contagion from Greece, the government said in an emailed statement.
The move came after Fitch downgraded the nation's credit to "junk" status today, and warned that further downgrades were likely, the AP reports. Cyprus needs to find about $2.26 billion by June 30 to recapitalize its second-largest lender. Officials have also hinted that they may seek assistance from Russia.